USD/CHF Pushes Higher

The USD/CHF pair is having a period of appreciation that started on Feb 16 and has been going on since then. The uptrend started at 0.9185 at its lowest and now the pair just made a new high at 0.9700.

Double top was taken out yesterday when the pair made a short timeout from its climb and sustained the trading at 0.9665-0.9670. This morning the exchange rate pierced the formation and climbed to the new high thus exposing the way to the next bull target at 0.9780.

If that level is reached we can expect the bears to take control and bring down the rate, otherwise bulls might get a new momentum if we see positive US data later this week.

Chart: USD/CHF H4